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Wednesday, 11 December 13
BDI REACHED A PEAK OF YEAR RECORD OF 2,237 POINTS WHICH IS A SIGNIFICANT CHANGE IN MARKET CONDITIONS
 Getting closer to the end of 2013, it is important that we have a review of the course the market has taken these past 12 months by looking at the BDI today and where it was this time last year. Last December, after having witnessed a small rally in the final quarter of 2012, the BDI had just managed to climb above 1,000 points. This level also proved to be the main psychological barrier for much of 2013, with the index remaining below this level up until late June.
It was not until September that we really started to see a change in market conditions and the BDI breaking free to reach a peak of 2,146 points in early October and then a more recent year record of 2,237 points reached today. This was therefore a significant change in market conditions and although the Index doesn’t reflect the physical market 100%, it provides a general upbeat approach, while at the same time it is certain that we no longer find ourselves in a market were rates are close to breakeven levels.
On the other hand, the sudden upward boom has created a lot of skepticism amongst players in the SnP market. This past month in particular, we have seen asset prices increasing considerably and Sellers’ price ideas shifting week by week. A good example of this is that of a 1999 Japanese blt Panamax which would have been sold at close to USD 9.5mill in January, while only a few days ago similar vessels where changing hands at around USD 14.5mill.
These large shifts in prices have created significant problems amongst certain potential Buyer. We are starting to distinguish two distinct types of buyers emerging in this market; the ones that believe that they missed the perfect timing and are in a hurry sometimes to even pay a premium for a vessel and those who are worried that periodically the market will dip back down to the levels we witnessed in the 1Q2013 weighing down on prices again.
2013 was very intense for the SnP market. Greek ship owners invested a considerable amount of money in both second-hand and new building purchases and they are continuing on the same path, despite the fact that prices have increased so drastically since the start of the year. It is also important to note that this was the year that Greek ship owners, even medium sized ones, put a lot of emphasis in new orders of “eco type” vessels, , wanting to position themselves in the market so that they can hold a significant competitive advantage in the future.
What is most worth noting is that 2013 was also the year that a number of foreign funds turned their interest towards Greek ship owners. These funds were driven by the belief that it was the right time to invest, while at the same time they were attracted by the Greeks’ long maritime tradition, which provided a sense of trust and security. This is yet another factor which strengthened the SnP market and boosted activity despite the fact that freight rates could not always excuse the prices being achieved nor could Greek banks, traditionally a large supplier of Greek shipping finance, which lacked the ability to support most of these purchases as it once did.
In conclusion, we can say that the big winners this year were owners that took the risk and invested when the market reached low levels. Let’s all now hope that the positive trend will continue into 2014 so that these bets can turn into profitable investments, the return of which can be reinvested back into the market and feed through to even better times for owners.
By George Iliopoulos, SnP Broker - Intermodal
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 03 December 13
PORT OF NEWCASTLE IN QUEENSLAND SHIPPED 1.22 MMT MORE COAL W-W
COALspot.com: In the week ended December 2, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.49 ...
Tuesday, 03 December 13
U.S PRODUCED 900.80 MMST YEAR-TO-DATE
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.7 million short tons (mmst) of coal in ...
Monday, 02 December 13
SUB-BIT INDONESIA COAL SWAP DIFFERENCE BETWEEN Q1 AND Q3 DELIVERIES ARE VERY MARGINAL
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.67 pmt month on month on Friday 29 Novemb ...
Sunday, 01 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR Q2 AND Q3 DELIVERY SHOWS A DECLINE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.63 percept d-d on Friday 29 November 2013. The CFR South ...
Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
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- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Ministry of Mines - Canada
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